Warren Buffett has famously decried the unfairness of a tax system that lets him pay a lower rate than his secretary. Senator Sheldon Whitehouse of Rhode Island crafted the Buffett Rule for tax fairness into proposed legislation called “The Paying a Fair Share Act” (S. 2230).
The Buffett Rule bill will be voted on next Monday, April 16 – on the eve of Tax Day. Please call your two Senators today and urge them to vote for tax fairness and support S. 2230, The Paying a Fair Share Act.
** Call the US Capitol switchboard: 202-224-3121 **
Let your senators know you are a constituent and if you are business owner or leader of a business organization. Say that you value the public infrastructure and services that the Buffett Rule would help pay for. The real economy depends on strong communities, not tax breaks for the successful few. If you have prospered such that you would be subject to the new tax, let them know that and you are happy to pay it.
One objection to the Buffett Rule is that it will hurt job creators. If you are a business person, whether you will pay the tax or not, your opinion is valuable. Very few small business owners have incomes over $1 million. Senator need to hear from as many business people as possible.
- Ensure that taxpayers with more than $1 million in annual income paid at least as much as middle-class households in federal income taxes. More than 1,400 millionaires paid no federal income taxes in 2009 (most recent data). Thousands more used loopholes and preferential tax rates on capital gains and dividends to pay a fraction of what less well-off Americans pay.
- Phase-in an effective tax rate of at least 30 percent on incomes over $1 million. The full 30 percent rate does not kick in until income reaches $2 million. The bill also includes language to preserve the incentive for charitable giving.
- Senator Whitehouse noted, “The Joint Committee on Taxation has estimated that the bill would generate $47 billion in new revenue over the next decade. Other organizations have placed that estimate even higher, including Citizens for Tax Justice, which projected that the Buffett Rule would generate $171 billion over the same time period.”
Related Petition on Income Taxes
This petition calling on Congress to let the high-end Bush tax cuts expire is still open if you have not yet signed and would like to add your support.
CLICK HERE TO SIGN PETITION AGAINST HIGH-END TAX CUTS: Tell Congress and President Obama to let the Bush-era top bracket tax cuts for those with taxable incomes over $200,000 (individual) and $250,000 (couple) expire no later than Dec. 31, 2012, as now scheduled, without another extension.